Politics

Topic   Handling tax withholding

Osiris
300 Trade Quintuple Gold Good Trader
14-Dec-2017(#1)
Saw Paul Ryan today, talked about tax withholding reduction in February, he said hopefully.

Was curious, do most folks here just select the number of dependents and let it ride, or do you take the previous year actual tax liability,subtract $500 or whatever for yourself, then divide the balance by the number of pay periods, and give your payroll dept a flat dollar amount to withhold?

Or do most enjoy using the government as a no interest forced savings program?
Porksta
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (1 minute ago)
14-Dec-2017(#2)
My company automatically withholds taxes from my income.

Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#3)
I take maximum deductions now and no additional withholding.

As a new grad I erred on the side of a big return. Now I need everything I can get per paycheck.
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#4)
I have them withhold as much as I can. Then when I have to pay in at the end of the year, it's not as much as it could be. My wife is a real estate agent, so we have to be careful.
Osiris
300 Trade Quintuple Gold Good Trader
14-Dec-2017(#5)
with variable income from sales and such it's more difficult, but people can use the quarterly tax payments to make up for windfalls, as they occur. Send only what you need, there's always unexpected stuff, but
generally we got $1k payment with return with no penalty, unless your quarterlies were way below income at the time.

If you use previous year as a baseline, then you have an idea what your liability will likely be and can plan accordingly. I prefer not to have money sitting somewhere with no benefit if I can account for it.
Porksta
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (1 minute ago)
14-Dec-2017(#6)
Dustin wrote:
> I have them withhold as much as I can. Then when I have to pay in at the end of the
> year, it's not as much as it could be. My wife is a real estate agent, so we have
> to be careful.

Hm... your wife is a real estate agent and my home financing team is licensed in PA...

Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#7)
Osiris wrote:
> with variable income from sales and such it's more difficult, but people can use
> the quarterly tax payments to make up for windfalls, as they occur. Send only what
> you need, there's always unexpected stuff, but
> generally we got $1k payment with return with no penalty, unless your quarterlies
> were way below income at the time.
>
> If you use previous year as a baseline, then you have an idea what your liability
> will likely be and can plan accordingly. I prefer not to have money sitting somewhere
> with no benefit if I can account for it.

We are definitely going to use the quarterlies next year. This is only her second full year doing it, so it's been a bit unpredictable so far.
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#8)
Oh wow. Never really thought about that aspect. Sell a few half million dollar homes with that 5-6% makes for an unpredictable windfall at times. Smart to let them hold it until she gets rolling.
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally
* 14-Dec-2017(#9)
Only half of the 6% goes to each side, so the only way you'd get that much is if you represented the buyer and seller, so it's usually only 3%. Then part of that goes to the agency, so it's not as much as it seems. It's still good money though, and provides a ton of flexibility for her as well.
Osiris
300 Trade Quintuple Gold Good Trader
* 14-Dec-2017(#10)
its all about the local RE market, good education and services can be big, nice to have coastline, industry and good highways
Noid
Gold Good Trader
14-Dec-2017(#11)
Osiris wrote:
> Or do most enjoy using the government as a no interest forced savings program?

Bingo! I don't claim any dependants, including myself. Then, come tax time, I don't have to worry about payin' back Uncle Sam. I know it's an interest-free loan to the government and my father never misses a good opportunity to remind me how idiotic that is. Maybe one day I'll change... raspberry
Osiris
300 Trade Quintuple Gold Good Trader
14-Dec-2017(#12)
if you do basic calc and planning, worrying about Sam is the least of problems, how can you make hard earned dough work for you?
i try to avoid financial surprises, theres more than enough unexpected chit in life
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#13)
Take a ton of magazines and old clothes to the goodwill for your charitables. Usually a magazine is a dollar.
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#14)
Dustin wrote:
> Only half of the 6% goes to each side, so the only way you'd get that much is if
> you represented the buyer and seller, so it's usually only 3%. Then part of that
> goes to the agency, so it's not as much as it seems. It's still good money though,
> and provides a ton of flexibility for her as well.

Ah. I respect good realtors. That's a job that you definitely get rewarded for how hard and long you work. Amazing potential. I've worked with some I just could not believe how accommodating they were and others who could give two craps.
Osiris
300 Trade Quintuple Gold Good Trader
14-Dec-2017(#15)
Any RE firms that offer draw against commission for standard agents, would help cash flow and planning

Jeezus Feeb, cheap azz donations! I like clothes as a donation, not worth much but i hope folks find them useful, or can sell to fund causes
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
* 14-Dec-2017(#16)
Lol. I usually donate everything I don't need. The magazines are just a good trick to work the IRS. They need some workin.
I also have stacks of journals by the end of the year. Most of them come biweekly. They're decently valuable. But digital too. So I don't need them.
longhornsk57
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally Secret Santa
14-Dec-2017(#17)
I have my employer withhold only 8% of my total income, because at the end of the year all the donations I make and write-offs etc, I'd rather owe a little bit than give the gov a free loan.
Osiris
300 Trade Quintuple Gold Good Trader
* 14-Dec-2017(#18)
the funny thing is, people with refunds hustle like mad to get their returns done just after the holidays, those who owe a bit hold hands on fannies till Spring! Funner
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#19)
When I got big returns I always made dumb purchases. Poor discipline maybe but those big checks sure are easy to spend.
Porksta
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (1 minute ago)
14-Dec-2017(#20)
Last time I got a big return I subscribed to GTZ. Best decision I ever made.

yankees7448
Bronze Good Trader
14-Dec-2017(#21)
Porksta wrote:
> Last time I got a big return I subscribed to GTZ. Best decision I ever made.
>
>

I just got gifted a subscription here. What's the real benefit of it? Not like you get discounts on games or anything. Care to shed some light on that for me?
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#22)
The site needs to exist mainly.
Porksta
GameTZ Gold Subscriber 350 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (1 minute ago)
14-Dec-2017(#23)
Status. For example I currently have one of the longest subscriptions here, which is why people regard me as one of the biggest ballers on the site.

ninesalone
GameTZ Subscriber Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#24)
yankees7448 wrote:
> Porksta wrote:
>> Last time I got a big return I subscribed to GTZ. Best decision I ever made.
>>
>>
>
> I just got gifted a subscription here. What's the real benefit of it? Not like you
> get discounts on games or anything. Care to shed some light on that for me?

Unlimited offers, custom layout, no swear filter, no ads, support the site...
SirConnery
GameTZ Gold Subscriber 1000 Trade Quintuple Gold Good Trader This user is on the site NOW (8 minutes ago) Secret Santa
14-Dec-2017(#25)
I wonder if my business taxes are going down? (passthru LLC)
Feeb
GameTZ Subscriber Double Gold Good Trader Global Trader - willing to trade internationally
14-Dec-2017(#26)
My taxes should be 20$ less per 2 weeks until the expiration. Then about 20$ more.
SirConnery
GameTZ Gold Subscriber 1000 Trade Quintuple Gold Good Trader This user is on the site NOW (8 minutes ago) Secret Santa
14-Dec-2017(#27)
I've heard so many people crying about the bill dumping all tax writeoffs. I can't see that happening, unless they mean you need to be incorporated or have an LLC to do writeoffs. Maybe there's some baby mommas out there taking care of their friends babies and then trying to write off their mortgage, rent, food, heat, whatever acting like it's a legitimate business.
Osiris
300 Trade Quintuple Gold Good Trader
15-Dec-2017(#28)
Passthru LLC should benefit, do you take salary now or just the business profit?

Not sure if the 21% bidness rate will be less than individual rates for personal income for folks, probably need to run both ways to see.

But if one was in a high personal bracket, they will make out like bandits using the flat bidness rate I think?
Osiris
300 Trade Quintuple Gold Good Trader
15-Dec-2017(#29)
Interesting thought, will state and local taxes be fully deductible as a bidness expense while capped at a $10K max for individual returns?
Osiris
300 Trade Quintuple Gold Good Trader
15-Dec-2017(#30)
Not sure what will finally be in the tax bill, but in checking education credit info today, saw than exemptions would be deleted, and the standard deduction would take the place of exemptions.

So unsure if you have to be over 24400 in usual deductions to itemize. I think anyone who itemizes might be effed over with no exemptions, stay tuned!

Ranchan, where you AT? Need you!
SirConnery
GameTZ Gold Subscriber 1000 Trade Quintuple Gold Good Trader This user is on the site NOW (8 minutes ago) Secret Santa
* 15-Dec-2017(#31)
Osiris wrote:
> Passthru LLC should benefit, do you take salary now or just the business profit?

Just profit. Makes taxes much simpler.

Topic   Handling tax withholding